How to Purchase Property in a Slow Market
1. SLOW AND FAST MARKETS
The Real Estate Market is not exact science at all. Sometimes it works in favor of those who sell and sometimes it helps the people who buy. The richest of people control the economy and the economy controls the whole system of the market. Markets are like businessmen-some are successful, some are not and right now many grow in their success and there are still many others which crash down hopelessly. In different regions, the market is different as well. You can't predict if the market will be slow or fast in your area of living. So if you live in a slow market region follow the tips listed below, perhaps you will have more success to purchase an estate.
2. PREPARING FOR THE PURCHASE
The first thing you have to do is to firmly decide what is the type of house you are keen on buying. Take into consideration its architecture, size, rooms and attributes like fence, garage, parking space, back yard, front yard and others. After finding a home that gets as close as possible to your dream house you have to get in touch with a professional consultant. He will be the one to give you advises and you will have to listen to his opinion of your possible candidate homes. To find out exactly how skilled your agent is you must check if he is informing you of:
-all the free homes on sale in your chosen region
-whether or not those homes will be sold soon
-the number of homes that were purchased during the last days or weeks or months
-the manner in which the different prices have changed recently
-the connection of the original price and the current price
-everything you ask him about a specific property
3. FINDING THE BEST PROPERTY
You will have the best chance of spotting and actually buying a preferred property in the areas in which selling of houses is not so frequent. There you will receive more offers. Try to get close to your agent. There is certain information each agent is entrusted to keep even from the clients but in some cases, this information is revealed and it could prove to be of great advantage to you.
Your personal observations combined with the experience of your professional advisor will guide you in your choices. To attract a potential seller, get a mortgage from your bank-this will show the landlord that you are financially stable and you will earn his trust. Always hire an inspector to check if the house is one hundred percent in good condition. If the certain property requires any sort of repairs and adjustments you can either ask the landlord to take care of the problems before you move in or you can simply demand to pay less so that you can fix the problems on your own. Always remember-you will come across a good property eventually, so never accept one that is damaged and in any way poorly supported and equipped. Remember your priorities, calculate the advantages and disadvantages of different offers and avoid having favorites-if you do you might willingly choose to refuse the best offer you were made.
The main rules of finding a good home in an area with a slow market are trust your instinct, trust your agent, mind your finances and make yourself and your family happy.